The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Urban Dictionaru
The goal to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra charges. It also has additional functions that let you sell your art without too many problems.
For registration, you won’t have to provide any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can sell, but it takes a while before anyone can become an established seller.
There’s a huge selection of NFTs available on OpenSea, and you can become a part of the collection! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be changed. It could be a piece of rareness, such as authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just consider an NFT being a virtual item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but you’re putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain and payment tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
So, at this point, you’re probably wondering the kind of NFTs can be found here, and what you could also sell if you choose to go down that path. The type of NFT it is unlimited because there’s a wide range of how you can go about it.
It is possible to sell digital items, trading cards, game assets, domain names, and some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, which is why this is great for you to receive high profit from your NFT collection.
Referral Program
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. Nft Urban Dictionaru
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
Each of them has the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Nft Urban Dictionaru
To know more about it, you can check their FAQs for a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
Pros
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Urban Dictionaru
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS and Android. Install it from their app store and then you can begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
